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I can tell you almost exactly, because - after a recent discussion in the pub on this very topic - I contacted the HQ of the Passport Office. Here is their reply:
"Thank you for your recent letter dated 13 August 2004, to the UK Passport Service regarding the number of British Citizens who hold a valid passport.
I can confirm that in the last ten years (1 April 1994 to 31 March 2004), 47.5 million British passports have been issued by the UK Passport Service and a further 4.1 million by the Foreign and Commonwealth Office (FCO), who issue British passports to British Nationals Overseas."
I trust that answers your query. Looks like well over 80%.